Economic growth in Singapore looks poised to continue its slowdown with projections by the government ranging from 1-3%. Despite the economy’s lacklustre performance, Singapore’s 10 richest have on the whole increased their net worth. Even in times of low growth, the rich get richer.
Real estate remains the most significant source of wealth. Four out of the top 10 have property to thank for their placement in the list. However, due to property cooling measures implemented by the government in 2013, the residential real estate market in Singapore remains unimpressive.
Nevertheless, the leading developers in the country, Phillip and Robert Ng, have maintained the top spot, tailed closely by Kwek Leng Beng. Overseas holdings have fuelled their continued acquisition of wealth, with the Ng brothers benefiting especially from the madness driving the Hong Kong housing market.
The biggest gainer this year, and the least Singaporean on the list is Eduardo Saverin. Known for his uncanny resemblance to Spider-man, as well as for being the only sympathetic character in the Social Network, his shares in Facebook grew by an eye-popping 38% which ballooned his net worth by around $2 billion, and boosted him straight to 3rd place.
Going into July, the biggest loser appeared to be Nippon Paint tycoon Goh Cheng Liang. Due to his 39% share in Nippon Paint Holdings, fluctuations in the stock market saw his net worth drop by over $1 billion. However, since July, the company’s share price has risen by over 52%, an absolutely absurd amount. This singlehandedly pushed him up from 5th to 4th place in the rankings.
Instead, Wee Cho Yaw, son of United Overseas Bank founder Wee Kheng Chiang, bears the title of biggest loser. The slowdown in lending put a damper on the banking industry and saw Wee’s net worth shrink by $1 billion. Don’t feel too bad, though, he’s still a multibillionaire.
Who else made the list of Singapore’s Top 10 richest? Read on to find out!